Good day, ladies and gentlemen, and welcome to the Second Quarter 2012 Medical Properties Trust Earnings Conference Call. My name is Erica and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the presentation over to your host for today’s call, Mr. Charles Lambert, Managing Director. Please proceed.

Charles Lambert

Good morning. Welcome to Medical Properties Trust conference call to discuss our second quarter 2012 financial results. With me today are Edward Aldag, Chairman, President and Chief Executive Officer of the company; and Steven Hamner, Executive Vice President and Chief Financial Officer.

Our press release was distributed this morning and furnished on Form 8-K with the Securities and Exchange Commission. If you did not receive a copy, it is available on our website at www.medicalpropertiestrust.com in the Investor Relations section. Additionally, we’re hosting a live webcast of today’s call, which you can access in that same section.

During the course of this call, we will make projections and certain other statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our financial results and future events to differ materially from those expressed in or underlying such forward-looking statements.

We refer you to the company’s report filed with the Securities and Exchange Commission for a discussion of the factors that could cause the company’s actual results or future events to differ materially from those expressed in this call. The information being provided today is as of this date only. And except as required by federal securities laws the company does not undertake a duty to update any such information.

In addition, during the course of the conference call, we will describe certain non-GAAP financial measures which should be considered in addition to, and not in lieu of, comparable GAAP financial measures. Please note that in our press release, Medical Properties Trust has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. You can also refer to our website at www.medicalpropertiestrust.com for the most directly comparable financial measures and related reconciliations.

I will now turn the call over to our Chief Executive Officer, Ed Aldag.

Ed Aldag

Thank you, Charles, and thanks to all of you for joining us today for our 2012 second quarter earnings call. It’s always rewarding when a good plan produces the results that you had hoped for and that’s exactly what our second quarter results show.

Since the beginning of 2011 through today, we have acquired more than $850 million in assets. During that time period, we raised enough capital to meet those needs and still leave us with approximately $400 million in liquidity.

We knew in late 2009 that the opportunities that lay in front of us would be positively transformative for Medical Properties Trust. Just to remind you, we purposely elected to endure some short-term dilution in order to obtain the results you’re seeing today. We will always manage this company for the long-term.

In every respect, the results of our second quarter were outstanding. Year-over-year, our revenue increased 46% and our normalized FFO is up 37% per share. We not only improved year-over-year, we also saw strong gains compared with the first quarter, which are indicative of the underlying sustainable trends we see emerging.

Compared with the first quarter, our revenue increased 18% and our normalized FFO per share is up 22%. Since our first acquisition, our portfolio has performed very well. Our investments are in some of the country’s strongest hospitals with some of the country’s strongest operators. Our EBITDAR coverages have consistently been some of the highest in the REIT industry.

Hospitals are the linchpin of the healthcare delivery system. Regardless of what direction healthcare reform takes, hospital will continue to be a vital part of that system. It is our unique and deep understanding of hospital operations and the industry that has allowed us to achieve the results I just outlined. This core knowledge is a differentiating characteristic that forms the foundation of our past and future successes. We believe this knowledge will allow us to continue to achieve strong operating results as we continue to grow our portfolio.

Last quarter, we told you that we expected to make at least $300 million in acquisitions through the end of this year. To-date, we achieved about $130 million of that and still believe that we will achieve at least an additional $200 million through the end of this year.

Turning to our property results, the mature operations in our portfolio, and just to remind you that means the property has been in our portfolio operationally for at least 12 months, continued to show an overall coverage of more than five times. The only real decline in our portfolio experience came from some of our acute care hospitals in the California market. This was due primarily to some reimbursement compressions in California. However, offsetting this is the California Hospital provider fee program signed into law in September 2011 that is expected to be a net benefit to our California hospitals. Our acute care portfolio continues to have a coverage ratio of more than 6.5 times. Our LTACHs are at more than two times and our inpatient rehabilitation facilities are at about 3.5 times.